Morning Preview: September 28, 2026

Early Look

Monday, September 28, 2026

S&P 500 futures fall -0.6% and Nasdaq futures down -300 points or 1% as oil prices surge and Treasury yields jump as the 10-yr yield up about 7 bps to 5.23% and the 2 yr around 4.92%. US WTI crude futures jumped more than 4%, reaching a session peak of $96.44 per Barrel due to halted peace talks between the U.S. and Iran. President Trump told reporters he had rejected the proposal as he prepared to board Marine One on Saturday morning. He also told advisors he plans to restart bombing Iran after the midterms on Nov. 3, The Wall Street Journal reported. Trump is apparently skeptical of Iran’s ability to meet his demands. In Asian markets, The Nikkei Index fell -485 points to 65,877, the Shanghai Index tumbled -6 points to 3,823, and the Hang Seng Index gained 132 points to 24,642. In Europe, the German DAX is little changed at 25,405, while the FTSE 100 is up 27 points to 10,722.  Overall a weak start to the week as tech and semi seeing early declines while energy and refiners see strength; precious metal prices tumbled on dollar/yield bounce.

• The Dow Jones Industrial Average rose 478.64 points, or 0.93%, to 51,828.62
• The Nasdaq Composite gained 129.34 points, or 0.48%, to 27,068.72
• The Russell 2000 Index edged higher 1.98 points, or 0.07% to 2,837.55

• Earnings After the Close: IDT IVA JEF MTN TRAK

• Bank America Future Car Conference 2026, 9/28
• Deutsche Bank 34th Annual Leveraged Finance Conference, 9/28-9/30, in Scottsdale, AZ

• China posts weakest industrial profit growth this year, expanding 4.2% in August. For the first eight months of this year, profits at large industrial firms climbed 15.7%, easing from a 17.6% rise in the January-July period. The automobile manufacturing industry saw profits drop by 16% year on year.

• Royal Caribbean (RCL) upgraded to Buy from Hold at Deutsche Bank with an unchanged price target of $299 saying the stock’s 26% pullback since August 5 offers a considerably more favorable risk/reward; notes shares have fallen amid rising oil prices and concerns around the durability of Royal’s yield growth.
• Sweetgreen (SG) was upgraded to Overweight from Equal Weight at Wells Fargo and raised tgt to $11 from $6, after meeting with management. The company’s Cyclospora headwinds fading and its transformation initiatives beginning to materialize.

• Boeing (BA) has identified a 737 MAX software glitch that could cause an automated navigation feature to fail, prompting concerns about a potential safety risk while planes are landing. The glitch, which Boeing acknowledged, hasn’t been publicly disclosed. It emerged from a cockpit software update and can occur when flight crews alter their planned flight path following a missed approach.
• Gold Fields (GFI) shares fall after Northern Star Resources (NESRF) rejected Gold Fields’ $27B takeover proposal, saying the offer materially undervalued the Australian gold miner. Gold Fields proposed acquiring Northern Star through a combination of 0.3125 Gold Fields shares and A$7.25 in cash for each Northern Star share, initially valuing the target at A$38.7B.
• Greenbriar Equity Group is close to a deal to buy aerospace and defense supplier Spectrum Control for more than $1.8 billion, Bloomberg reported, citing people familiar with the talks..
• FTAI Aviation (FTAI) has acquired 27 Boeing 737-700 (BA) aircraft from WestJet, marking one of its largest aircraft transactions to date. Under the transaction, FTAI’s 2026 SPV, the second investment vehicle of the company’s Strategic Capital business, acquired 17 Boeing 737-700 aircraft on lease to WestJet in a sale-leaseback.
• TotalEnergies (TTE) said it was raising its Q4 share buybacks to $2.5 billion, up from $1.5 billion in recent quarters, and guided for a further step-up in production growth beyond 2030, reassuring investors of consistent growth despite the challenging geopolitical climate; also said it would buy back between $2 billion and $2.5 billion in shares in the first quarter of 2027 and increase its dividend 5%.
• The Trump administration is spending billions to expand U.S. and allied supplies of critical minerals as Washington seeks to reduce China’s leverage over materials used in semiconductors, electric vehicles, defense systems, and advanced computing. The effort accelerated after China imposed export controls on rare-earth elements and related magnets in 2025 – WSJ

• MediciNova (MNOV) announced the topline results from MN-001-NATG-202, a Phase 2 clinical trial evaluating MN-001 for the treatment of hypertriglyceridemia and nonalcoholic fatty liver disease associated with type 2 diabetes mellitus.
• Zymeworks Inc. (ZYME) said it expects total revenue, including collaboration revenue from Yupelri, for 2026 to be between $278M and $292M vs. consensus of $311.7M; outlook 2026 adjusted EBITDA to be between $114M and $128M.

• China is signaling that some of its biggest technology companies may be permitted to buy Nvidia’s (NVDA) newly released RTX Pro 5500 chips, potentially opening another channel for the U.S. chipmaker in the strategically important Chinese market.
• Hut 8 (HUT) announced the closing of a $1.07B four-year senior secured revolving credit facility.
• OpenAI has paused training of its latest AI models after agents searching U.S. government websites behaved unexpectedly, according to the Associated Press. The company is reviewing several incidents involving agents gathering and distributing information beyond their assigned tasks, adding to scrutiny over AI safeguards and autonomous systems.
• Roblox (RBLX) was downgraded to Underperform from Hold at Jefferies with $38 tgt saying the stock’s 30% rally post the Q2 results reflects an overly optimistic view of Roblox’s 12 month bookings trajectory, and believes Roblox’s improvement in U.S. and Canada user and bookings growth will be longer and more costly than the market expects.
• UiPath (PATH) downgraded to Underperform from Neutral at DA Davidson after investor day. The company is leaning into its vertical go-to-market approach and leveraging more pre-packaged solutions to accelerate time to value for customers.